How much is classified as biological assets that are accounted for under PAS 41 Agriculture?*The following information pertains to Cake Co.SheepP500,000Rubber products10,000Trees in a timber plantation95,000Maize plants40,000Lumber62,000200,00020,00010,0005,00025,00045,000800,000PigsRoasted peanutsCotton plantsPeanut plantsSugarcaneTobacco plantsTea bushesDairy cattleFruit treesTeaRubber treesYarnCarpetLogsWheat plantsCheese.1,000,000600,00043,000300,00022,00033,00045,00060,00075,00088,000WoolThreadFelled treesClothingMilkCarcassSugarHarvested cottonHarvested peanutsHarvested canePicked leavesOil palmsPicked grapesPicked fruitGrape vinesHarvested latexCured tobaccoWineProcessed fruitPalm oilBean plantsCured hams6,0003,0008,000150,0009,0007,00067,00013,000140,00022,0003,000300,0002,00010,0002,000,00010,000320,000500,00020,00050,00020,00092,000SausagesHow much is classified as biological assets that are accounted for under PAS 41 Agriculture?

Biological assets is one of the important component of balance sheet of business. It includes all…

How much is classified as biological assets that are accounted for under PAS 41 Agriculture? * The following information pertains to Cake Co. Sheep P500,000 Rubber products 10,000 Trees in a timber plantation 95,000 Maize plants 40,000 Lumber 62,000 200,000 20,000 10,000 5,000 25,000 45,000 800,000 1,000,000 600,000 43,000 300,000 22,000 33,000 Pigs Roasted peanuts Cotton plants Peanut plants Sugarcane Tobacco plants Tea bushes Dairy cattle Fruit trees Tea Rubber trees Yarn Carpet Logs Wheat plants Cheese 45,000 60,000 75,000 88,000 Wool Thread Felled trees Clothing Milk Carcass Sugar Harvested cotton Harvested peanuts Harvested cane Picked leaves Oil palms Picked grapes Picked fruit Grape vines Harvested latex Cured tobacco Wine Processed fruit Palm oil Bean plants Cured hams P 6,000 3,000 8,000 150,000 9,000 7,000 67,000 13,000 140,000 22,000 3,000 300,000 2,000 10,000 2,000,000 10,000 320,000 500,000 20,000 50,000 20,000 92,000 Sausages How much is classified as biological assets that are accounted for under PAS 41 Agriculture?

How much is classified as biological assets that are accounted for under PAS 41 Agriculture? * The following information pertains to Cake Co. Sheep P500,000 Rubber products 10,000 Trees in a timber plantation 95,000 Maize plants 40,000 Lumber 62,000 200,000 20,000 10,000 5,000 25,000 45,000 800,000 1,000,000 600,000 43,000 300,000 22,000 33,000 Pigs Roasted peanuts Cotton plants Peanut plants Sugarcane Tobacco plants Tea bushes Dairy cattle Fruit trees Tea Rubber trees Yarn Carpet Logs Wheat plants Cheese 45,000 60,000 75,000 88,000 Wool Thread Felled trees Clothing Milk Carcass Sugar Harvested cotton Harvested peanuts Harvested cane Picked leaves Oil palms Picked grapes Picked fruit Grape vines Harvested latex Cured tobacco Wine Processed fruit Palm oil Bean plants Cured hams P 6,000 3,000 8,000 150,000 9,000 7,000 67,000 13,000 140,000 22,000 3,000 300,000 2,000 10,000 2,000,000 10,000 320,000 500,000 20,000 50,000 20,000 92,000 Sausages How much is classified as biological assets that are accounted for under PAS 41 Agriculture?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Check my w Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000; and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Comptete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answens to 2 decimal places.) Appraised Value Percent of Total Appraised Value Total Cost of Acquisition - Apportioned Cost 243.000 108 000 Land Land improvements
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This question relate with MFRS 116 (Property, Plant and Equipment)
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Amazon Inc. has a plantation forest that is likely to be harvested and sold in 30 years. The asset qualifies as an agricultural activity. The income related to this activity should be accounted for in which of the following ways?
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Topic: AGRICULTURE Requirements: Compute for the amounts of the following... i. Biological Asset ii. Agricultural Produce iii. Property, Plant and Equipment iv. Inventory
Jessa Company has several assets for classification as biological assets. After assessing the information shown below, how much should Jessa Company report as net gain from change in fair value of biological assets for the quarter?
None
Depletion of Natural Resources Brandon Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for $800,000. Brandon spent $10,000,000 preparing the oil for extraction from the ground. Brandon estimates that 120,000,000 barrels of oil will be extracted from the ground. The land has a residual value of $20,000. During the year, 14,750,000 barrels are extracted from the ground. Required: Calculate the amount of depletion taken in the current year. (Note: In your calculations, round depletion per barrel to two decimal places.)
Problem II Steel Company has the following assets: Coffee plants 100,000 Harve sted coffee beans 40,000 Harvested man go es 200,000 Timber trees 600,000 Mango trees 800,000 Fe lled trees 300,000 W ooden furniture 700,000 Required: Compute for the amounts of the following: 1. Biological assets 2. Agricultural produce 3. Property, Plant and Equipment 4. Inventoriesagri